Bitcoin Price Surges Over 15% In Few Days, $45K Seems Imminent
05 Diciembre 2023 - 9:02PM
NEWSBTC
Bitcoin price extended its rally above the $43,200 resistance. BTC
is now consolidating gains and might rally further toward the
$45,000 zone. Bitcoin surged further above the $42,200 and $43,200
levels. The price is trading above $43,200 and the 100 hourly
Simple moving average. There are two bullish trend lines forming
with support near $43,200 and $41,800 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could correct lower
toward $43,200 before it starts a fresh increase. Bitcoin Price
Extends Rally Bitcoin price remained in a steady uptrend above the
$40,000 resistance zone. BTC gained over 15% in the past few days
and even surged above the $42,000 zone. The upward move gained pace
above the $43,200 resistance zone. A new multi-month high is
formed near $44,465 and the price is now correcting gains. There
was a move below the $44,000 level. The price is still above the
23.6% Fib retracement level of the upward move from the $39,476
swing low to the $44,465 high. Bitcoin also trades above $43,200
and the 100 hourly Simple moving average. Besides, there are two
bullish trend lines forming with support near $43,200 and $41,800
on the hourly chart of the BTC/USD pair. The second trend line is
close to the 50% Fib retracement level of the upward move from the
$39,476 swing low to the $44,465 high. On the upside, immediate
resistance is near the $44,200 level. The first major resistance is
forming near $44,450, above which the price might rise toward the
$45,000 level. Source: BTCUSD on TradingView.com A close above the
$45,000 resistance might send the price further higher. The next
key resistance could be near $46,400, above which BTC could rise
toward the $48,000 level. Are Dips Supported In BTC? If Bitcoin
fails to rise above the $44,500 resistance zone, it could start a
downside correction. Immediate support on the downside is near the
$43,250 level. The next major support is near $42,800, below which
the price might test the second trend line. If there is a move
below $42,000, there is a risk of more downsides. In the stated
case, the price could drop toward the $40,500 support in the near
term. Technical indicators: Hourly MACD – The MACD is now gaining
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is now above the 50 level. Major Support Levels
– $43,200, followed by $42,000. Major Resistance Levels – $44,200,
$44,450, and $45,000.
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